Global military spending rose by 9.4% in 2024, reaching a record $2.718 trillion, the fastest annual increase since 1988, according to a new report by the Stockholm International Peace Research Institute (SIPRI). The report links this surge to ongoing conflicts in Ukraine and Gaza, rising geopolitical tensions, and widespread military modernisation.
The United States remained the largest military spender, allocating nearly $1 trillion in 2024. Major investments included: $61.1 billion for F-35 fighter jets and related systems, $48.1 billion for new Navy ships, $37.7 billion for nuclear arsenal modernisation,$29.8 billion for missile defence,
The U.S. also provided $48.4 billion in military aid to Ukraine, covering almost three-quarters of Kyiv’s defense budget.
China ranked second, spending an estimated $314 billion. While SIPRI didn’t provide detailed breakdowns, the report highlighted Beijing’s development of stealth aircraft, drones, underwater vehicles, and a rapidly expanding nuclear arsenal. Combined, the U.S. and China accounted for nearly half of the world’s total military spending.
World?s military spending rises at highest rate in nearly four decades, new report says
Israel saw the sharpest increase among major countries, raising its defence spending by 65% in 2024 during its continued military operations in Gaza. The U.S. contributed $10.6 billion in supplemental aid to Israel.
Russia’s defence spending jumped an estimated 38%, though SIPRI suggests the actual figure may be higher due to hidden allocations. The ongoing war in Ukraine has also driven NATO countries to boost their budgets significantly:
Germany: +28%
Romania: +43%
Netherlands: +35%
Sweden: +34%
Czech Republic: +32%
Poland: +31%
Denmark: +20%
Norway: +17%
Finland: +16%
Turkey: +12%
Greece: +11%
SIPRI researchers cautioned that increased budgets alone won’t guarantee military capability or independence from the U.S., calling such goals “far more complex.”
In Asia, China’s 7% rise marked its 30th consecutive annual increase. The ripple effect prompted neighboring countries to follow suit:
Japan: +21%, the highest since 1952
Philippines: +19%, amid South China Sea tensions
South Korea: +1.4%, but with the region’s highest military burden (2.6% of GDP)
Taiwan: +1.8%, with spending up 48% since 2015
India had the world’s fifth-largest military budget at $86.1 billion, up 1.6% from 2023, and 42% over the past decade. Myanmar increased its military budget by 66% amid internal conflict, spending 6.8% of its GDP—the highest military burden in Asia.
Africa saw a modest 3% increase, led by Algeria, the continent’s top spender. In the Americas, Mexico boosted its defence budget by 39%, driven by efforts to combat organised crime using military forces.
SIPRI warned that the sustained global rise in military investments risks triggering a prolonged and dangerous arms race.
